International markets update:
Global markets experienced a challenging session, primarily driven by a significant correction in the AI-driven tech sector across Asia and Wall Street. Amidst this downturn, Apple notably reclaimed its position as the world’s most valuable company.
- Asian markets experienced a sharp downturn, led by a 10% plunge in South Korea’s Kospi due to declines in semiconductor giants Samsung and SK Hynix, with the contagion also affecting Japan’s Nikkei.
- Nvidia faced selling pressure following news of potential OpenAI funding talks, pushing its shares down over 5% and allowing Apple to reclaim its status as the world’s most valuable company.
- French luxury giant LVMH reported solid second-quarter sales growth, driven by robust demand from U.S. consumers, despite a slowdown in European and Chinese markets.
- Oil prices extended losses on Tuesday amid hopes for de-escalation between the U.S. and Iran, influencing market expectations ahead of Federal Reserve Chairman Kevin Warsh’s upcoming policy meeting.
- SpaceX has seen a significant $1.2 trillion market cap erosion, equivalent to the current value of Tesla, whose shares recently hit near one-year lows, reflecting broader challenges for Elon Musk’s ventures.
Stock Market News summarised for the Wall Street Investors Club community.